Based upon the data presented in Exercise 2-13, (a) prepare an unadjusted trial balance, listing the accounts in their proper order. (b) Based upon the unadjusted trial balance, determine the net income or net loss.
Answer:
GRAND CANYON TOURS CO. Unadjusted Trial Balance April 30, 2014 Debit Balances
Credit Balances
Cash 62,300 Accounts Receivable 8,500 Supplies 2,000 Equipment 25,000 Accounts Payable 13,000 Luis Chavez, Capital 75,000 Luis Chavez, Drawing 5,000 Service Revenue 19,500 Operating Expenses 4,700 107,500 107,500
a.
b. Net income, $14,800 ($19,500 – $4,700)